Chinese electric vehicle maker (EV) Xpeng Motors and Byton have launched a new company that will focus on research and development of new energy technology, local media National Business Daily reported.
The new firm, based in Nanjing and named Qingyan Huake New Energy Institute, was created with a registered capital of RMB 20 million (USD 2.8 million). It has a business scope that includes engineering and technical research, industrial design, and information system integration.
The company has a total of eleven shareholders including Xpeng and Byton, according to Chinese enterprise data provider Tianyancha, while the percentage of these companies’ shares is not disclosed.
Other shareholders include Changzhou Ectek Automotive Systems and KeyPower, both of which are providers of solutions for automotive power systems.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.